Block Inc. Projects $10 Billion Bitcoin Revenue for 2024

According to Odaily, Block Inc., the payment company owned by Jack Dorsey, reported a Bitcoin revenue of $5.34 billion as of June 30. Based on this rate, the company is projected to reach $10 billion in Bitcoin revenue by 2024. Bitcoin revenue refers to the total sales of cryptocurrency sold to customers. Additionally, Block holds $1.44 billion worth of Bitcoin for its users as of June 30. Earlier in August, Block announced its second-quarter financial results. The company reported a net revenue of $6.16 billion, slightly below analysts' expectations of $6.31 billion. However, Block's adjusted EBITDA for the second quarter was $759 million, surpassing the analysts' forecast of $685.7 million. The company's Bitcoin revenue for the second quarter was $2.61 billion, which was also below the analysts' expectation of $2.73 billion. Looking ahead, Block anticipates an adjusted EBITDA of $695 million for the third quarter, compared to analysts' expectations of $669.5 million. For the full year, Block has revised its adjusted EBITDA forecast to $2.9 billion, up from the previous estimate of $2.76 billion, with analysts predicting $2.8 billion.